UNDER FIRE

New Zealand Times, Volume XLIX, Issue 11170, 28 March 1922, Page 5

UNDER FIRE

BANKRUPT AND CREDITORS •TLB.. PAY IF IT TAKES ME A LIFETIME.” TRAVELLER’S MISFORTUNE. “I may say this: That although these people have made me bankrupt, I would lovo to pay them back and prove that I have enough decency to acknowledge my creditors first.” Thus D. G. Wilson, commercial traveller, addressed the Official Assignee (Mr S. Tansley) at the adjourned meeting ot creditors yesterday. Tlio case, which was previously reported fully L those columns, was adjourned to enable the bankrupt to produce his pass-book. The principal cieditor, Wiggins and Co., Ltd., was represented, by the Commercial Agency (Mr Ernshaw). Mr A. B. Siovwright appeared for t-ho bankrupt. There being no quorum, the meeting was adjourned sino dio. ‘‘A LITTLE SPECULATING.” In examining the bank book, Mr Tansley sought a little information from tho bankrupt. How is it that you drew £9O within five weeks of filing?—Just expenses. Mr Tansley: But that represents a sum of about £lB a week. —-I have been buying a few things. I did a little speculating, but ilt was not ’tuccessful. Mr Tansley: Well, the expenses must have been pretty heavy surely. • —Bankrupt said fie had travelled a good deal up and down the line. Ho was not an extravagant man and spent his money carefully. Mr Ernshaw: I see you drew out a sum of £ll6 14s 5d in October; what was that for?—Wilson said he had Bpont it on medicine and other things. He had expended a good deal of this sum ’ in boarding in Wellington prior to his securing a house. Mr Ernshaw: I see the travelling expenses pan oulb at £4O odd in one month. —Expenses were very high. Mr Ernshaw: Apparently there was no return? —Railway trips have been costly" and my speculative ventures were unrewarded.

“ALWAYS KEPT TWO BOOKS.’' Mr Tansley: Why did you have two accounts? —I always kept two books—one bank book and one P.O. Savings book.

Mr Elmshaw: What about the sum of £55 19s drawn out by you in February?—l bought twine with it. Mr Ernshaw: Were you buying it? I —Yes.' . Did you not sell any of it ?—Yes; but I went down to Timaru and had been travelling backwards and forwards without making anything. Mr Tansley: You must have made something —Latterly there was. nothing doing. Mr Tansley: How do you remember all your expenses?—Ob, one gets used to them

Mr Tansley: Well, the expenses certainly seem heavy.—l really spent a good deal more than I can. account for ... there was medicine to buy, and I had been ill and in''the hospital myself. Mr Tansley: Had you made your creditors an offer?

AN OFFER REFUSED: Mr Sievwright said the bankrupt had offored his creditors £2O and £5 per month, but the principal creditor, Wiggins and 00., had refused to accept.

IVIr Ernshaw: We threw it back because at the time we considered he could pay more.

“NOT MADE OF HOUSE-HIDE ” Wiggins and Co. forced me. to. it, said the bankrupt. I am not made'of liorse-hide. . . I am sensitive to rny position. If Wiggins had accepted the terms I would have had the debts paid by now. Mr Ernshaw: The question is would you have been able? Mr Tansley: Can you make an

offer now?—l am not in a position to do so. . . If they had accepted my terms I would have fought tooth and nail to clear the debits.

Mr Siovwright referred to the fact that tho bankrupt had suffered greatly on account of publicity and now he found that his credit had been ruined. “PITCHED A TALE.” ’‘Every time I went up the country,” said the bankrupt, “I found that the travellers before he had! ‘ppitahed’ a tale about -me. . . what chance did I have?”

Mr Ernshaw: Nevertheless, I certainly think we are entitled to more ir formation regarding the outcome of those withdrawals.

“Never mind,” said Mr Newlands, another creditor, “aine was hard cash, but I am sure that if the other creditors had accepted the man's terms lio would have made good . . he is no friend of mfne, but I consider it was a fair offer.” Further cross-examined by Mr Tansloy Wilson said he had done practically nothing since anaking the original offer to hir. creditors. He had been buying a few tins of fat and turning it as quickly as possible to realise a few shillings. _ Mr Ernshaw again raised the question of “detail” of expenditure from hiis withdrawals.

Mr Tansley: Well, do you think the man should be prosecuted for not keeping proper books? Mr Ernshaw: Well, has he got any r.oecific record of the expenditure from these withdrawals ?

Tho bankrupt: I may have a memorandum book.

Mq Newlands drew attention to the futility of asking for more detailjn than those already prepared. Supposing the bankrupt sot out certain items of expenditure, what check had the creditors on such a statement? Wilson sai-i he was now working for a firm who paid him £5 per week. He was providing for his wife out of this sum and could scarcely, under thoso conditions, make a further offer. He would, however, pay back his creditors if it “took him a life-time.” “HARD LUCK” Mr Ernshaw said it seemed, in the light Mr Nawlands’s remarks, useless to make such a demand, as they “had no check.” Mr Tansley: It, looks hopeless to me rrd I think the man has had hard luck. Proceedings were Adjourned sine dio.